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AFTER SOME WRANGLING, European leaders have agreed a unified system of bank supervision for the eurozone’s biggest lenders.
The deal, reached overnight after 14 hours of talks, was completed just in time for the beginning of the final EU summit of the year, which begins later today.
Supervisory powers for about 200 banks have been conferred on the European Central Bank as part of the agreement. It will also be responsible for the overall functioning of the rescue fund, the European Stability Mechanism (ESM).
The European Council hopes that by setting up a Single Supervisory Mechanism (SSM), the “vicious circle between banks and sovereigns” will be broken as it banks can be recapitalised directly.
As part of the agreement, the ECB will have direct oversight of eurozone banks but in different ways, depending on the country and its national supervisory authorities. It will also work in tandem with the EU-wide European Banking Authority.
Non-eurozone member states who wish to participate in the ESM will be able to do so by entering into close-cooperation arrangements.
In a statement, the Council said the ECB’s monetary tasks will be kept “strictly separated” from supervisory tasks to eliminate potential conflicts of interest.
The ECB will, however, not be given its new powers until March 2014 – or 12 months after legislation comes into effect – to ensure it is ready.
The “overall aim is to restore confidence in the banking sector,” said the meeting’s chair, Cypriot Finance Minister Vassos Shiarly as he announced the deal to the press in the early morning hours, comparing the deal to a “Christmas present for the whole of Europe.”
Of Europe’s 6,000 lenders, about 200 will be supervised by the ECB.
The agreement comes after overnight talks between the EU’s finance ministers, including Ireland’s Michael Noonan. Some areas of supervision, such as consumer protection, money laundering and payment services, will remain with the national regulators.
The EU summit, which begins today, will see the next tranche of loans released to Greece.
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As Country towns go, Carrick is hard to beat on a Saturday night. As traditional music festivals go, it’s hard to beat the Joe Mooney in Drumshanbo. As sunny days go, it’s hard to beat Corry Strand on the shores of Lough Allen. For breathtaking scenery it’s hard to beat Inisfree and glencar waterfall. As relaxation goes, a cruise down the river Shannon is equally hard to beat. Leitrim has plenty to offer, it’s just a shame people don’t know about it more OR is that a blessing in disguise?
A cruise on the Blue Moon cruiser from its berth opposite The Landmark Hotel to Lough Key and back on a sunny day is a “must do” trip.
That should be Moon River not Blue Moon. Just had a grey moment.
I’m living in Spain but I’ll be in Carrick for Easter doing a bit of cruising on the Shannon. Drumsna too. #loveit
There’s something very trocaire boxy about this
Have you seen Leitrim?! You would understand then! Lived there for four years, its HELL!
Is the bear a symbol of Leitrim’s wildlife….or Leitrim’s wild life?
There’s something very imaginative about this. Ireland as a whole should get involved and I don’t mean staging the likes of The Gathering. The internet is the key. All we need to do is work together to make it happen. There’s 80 million members of The Irish Diaspora worldwide. Sure they’re even buying a bale of briquettes in The USA at 49 dollars a pop to create a bit of Irish atmosphere in their own homes.
Jesus that’s a bit desperate!
Desperate? No. Vital to save this country. Yes. We have only 4.5 million of us living on this island. We have an economy which is lying flat on its face. We need reinforcements. We have such in The Irish Diaspora. High time we recognised The Diaspora as being part of Ireland and how together we can get our beloved country back from the brink. Ireland is in as bad a situation now as it was in 1748 when the potato crop failed. Time we all realise that.
Leitrim is a stunning place to visit. I absolutely love it. When the shit hits the fan and the world is on your back, a visit to Leitrim is like a shower for your soul. Anybody who says different either hasn’t been there or is lying. Standing at the Bonet looking out onto Lough Gill, driving from Sligo to Glencar under Ben Bulben, having a major session in Carrick or simply downing a few pints in Dromahair. Leitrim can’t be beaten.
That Road from Sligo to Manorhamilton has to be one of the nicest drives in the country
“…to drive tourists back to the county”…. Makes it sound like they’ve been there before and have to be forced to re- visit!
Exactly. I will not be revisiting. Once out, staying out of that hell hole.
Leitrim should concentrate more on cycle tourism. I regularly cycle in Sligo, Roscommon, Donegal, Leitrim and Mayo and the roads in Leitrim are without doubt the best I’ve rode on.
Relatively low traffic volume with really smooth surfaces and lots of decent scenery.
Leitrim is also full of lakes, people could easily be attracted on fishing holidays with bit of promotion.
Instead of begging people to visit the county they should just play to their strengths.
The problem is that they probably don’t even know what their strengths are.
People completely underestimate how beneficial activity based holidays can be for an area.
Its not called Lovely Leitrim for nothing…Last night I had a pleasent dream I woke up with a smile I thought I saw loch Erins banks on the shore of the river Nile but it was lovely Leitrim where the shannon waters flow…
Leitrim, Sligo and Donegal in my opinion are not promoted enough for tourism. I think hotels are over priced as well 79 euro per person for to share a room without breakfast is overpriced.
As Dustin the Turkey use to say Leitrim the land that time forgot,All joking aside I have friends from Leitrim and have spent many a weekend there great craic.
Why do they persist in marketing Leitrim as an entity? surely it is part of a natural region that includes Sligo and north Roscommon?
Nobody sits down with a map in Germany or the USA and says ‘I think I’ll go to Leitrim this year.’ The whole idea of county councils having tourism departments is nuts; it should all be done by one central body or at least by a few regional ones that are based on logical divides and not on some other arbitrary division.
‘Now get on that fecking plane you shower of tourists and, when you get to Leitrim, tell them Paddy sent ya!’
Ya always get asked about our one set traffic lights where ever ya go in the country!!
I heard that exact thing from Leitrim friends of mine, Kyle, so I made sure not to include it ;)
Leitrim is beautiful but it won’t stay that way if hydraulic fracking is brought in here. It will turn the county into an industrial zone. There certainly won’t be any tourism if that is allowed to happen.
The Leitrim diaspora is surely only about 11 or 12 people though??
Not being rude, but what endearing qualities does Leitrim have apart from River / Lake activities? It always seems to rain there.
Paul, Leitrim will have another quaility if you stay away.
Well said Proinsias I’d say that’s game set and match to you.
Hope the weather shines for you. The Shannon is a bitch when wet & dreary, great time for a Hot Whiskey,
.
To be honest Paul the weather never bothered be. Sun is an advantage of course but not necessary. It’s the good company and the adventure.
So a county with fewer people than Bray has its own tourism quango… With a Chairman?
#jobs4theboys
Aye but Leitrim is bigger and much more beautiful.
The Chairman, Joe Dolan, is a hotelier. I very much doubt he accepts a fee for this position; he does it for the love of his county. Of course he gets a bit of business from it but he’s a business man after all.
Really looks like the only time these tourist boards care about the diaspora is when they can squeeze a few euros out of them
Leitrim’s not a place, it’s a state of mind
Yes indeed! Tourism is important and can be sustainable for the region as long as the fracking ‘industry’ is kept out. Fracking if allowed in will have catastrophic effects on local ecology and tourism.
Cycling and walking in Ireland and not just Leitrim should be really pushed the spend is local and it uses the countryside as its main attraction,
Leitrim is heaven on Earth. Pity there isnt more hot chix though.
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